8 ms·
The standard deduction from the IRS is pretty darn close to a full time job at minimum wage. So some people on very low incomes do pay no tax.
by TheCleric 3y ago
The standard deduction from the IRS is pretty darn close to a full time job at minimum wage. So some people on very low incomes do pay no tax.
- brutusborn 3y agoStandard Deduction is $13,850 https://www.forbes.com/advisor/taxes/standard-deduction/ https://www.forbes.com/advisor/taxes/standard-deduction/ This is below the poverty level of $14,580. No-one should be taxed on income anywhere near that level. https://www.investopedia.com/terms/f/fpl.asp#:~:text=Key%20Takeaways,%2C%20shelter%2C%20and%20other%20necessities https://www.investopedia.com/terms/f/fpl.asp#:~:text=Key%20T.... Federal minimum wage is $15,080. I may be missing something, but I believe this means people on minimum wage are being taxed! https://www.monster.com/career-advice/article/state-minimum-wage#:~:text=Minimum%20wage%20is%20the%20lowest,year%20for%20full%2Dtime%20workers https://www.monster.com/career-advice/article/state-minimum-....
- TheCleric 3y ago> No-one should be taxed on income anywhere near that level. Don’t misunderstand me. I completely agree with this and would prefer having the standard deduction even higher with higher taxes above it to compensate. > Federal minimum wage is $15,080. I know which is why I said “close to”. This also with the assumption that it’s always 40 hours a week and you never get sick or need time off (which would assuredly be unpaid). Even working 36 hours per week, every week, at minimum wage (which is considered a full time job), would put you under the standard deduction.